Selecting Strategies by Considering Budget Limitation: A Hybrid Algorithm of SWOT-DEMATEL-ANP and Binary Programming with Grey Information

Article type: Research Article

Authors: Mostamand, Morteza | Razavi Hajiagha, Seyed Hossein^{; *} | Daneshvar, Maryam

Affiliations: Department of Management, Faculty of Management and Finance, Khatam University, Tehran, Iran, E-mails: [email protected], [email protected], [email protected]

Correspondence: [*] Corresponding author.

Abstract: Strategic management is a process of determining a business long-term objectives and the way to achieve these goals. Considering importance of strategic planning in long-term competitive power of organizations, different frameworks are proposed to formulate strategies. How to choose the best strategy is a challenging activity due to its multi criteria nature and lack of information. In this paper, a method comprised of grey DEMATEL – grey analytic network process is proposed to deal with this challenge. The proposed method considered interrelationship among factors using DEMATEL and then these relations are applied in strategy ranking by ANP. The uncertainty and lack of information is handled using grey numbers. Application of the proposed method is illustrated in an ecotourism company.

Keywords: strategy planning, SWOT, grey system theory, DEMATEL, analytic network process

Journal: Informatica, vol. 28, no. 3, pp. 485-503, 2017